By Catherine Reagor | Arizona Republic A bill to stop real estate firms from soliciting homeowners to sign “deceptive and predatory” agreements locking them into how they sell their property was signed into law by Arizona Gov. Katie Hobbs. The legislation, Senate Bill 1218, was crafted to stop long-term listing contracts that cloud a house’s title and make it tougher for homeowners to sell. “This new law is a response to recent examples of egregious and deceptive practices in the real estate industry, which underscored the need for stronger laws to protect homeowners,” Arizona Attorney General ..read more

By Angela Gonzales | Phoenix Business Journal Richmond American Homes of Arizona Inc. plopped down $28.64 million in cash to buy land that was once home to a golf course in Glendale. Selling the land, according to Tempe-based real estate database Vizzda LLC, was Towne Development Inc., which paid $6.5 million to the city of Glendale in 2019 after the city shuttered the Glen Lakes Golf Course — despite a group of petitioners fighting to save the golf course. Scottsdale-based brokerage Nathan & Associates Inc. had represented the city in that 36-acre transaction, and also represented th ..read more

By Emily Badger & Francesca Paris | The New York Times Something deeply unusual has happened in the American housing market over the last two years, as mortgage rates have risen to around 7 percent. Rates that high are not, by themselves, historically remarkable. The trouble is that the average American household with a mortgage is sitting on a fixed rate that’s a whopping three points lower. Source: Federal Housing Finance Agency analysis. Note: New loan figures show the predicted rate that existing mortgage holders could get on the same mortgages at new market conditions.   The gap ..read more

By Jakob Thorington | Arizona Capitol Times (abridged) After vetoing a housing bill earlier this session, Gov. Katie Hobbs signed a bipartisan housing bill April 10 that would allow cities to more quickly convert some commercial buildings into residential uses. House Bill 2297, which will allow cities with populations of more than 100,000 to reuse up to 10% of commercial buildings without requiring discretionary municipal review, bypassing the need for conditional use permits or rezoning applications. When the bill passed out of the House on April 4, Rep. Analise Ortiz, D-Phoenix, said ..read more

By Brent Ruffner | Daily Independent Housing affordability may continue to hinge on whether or not interest rates fall, according to Tina Tamboer, housing analyst with the Cromford Report. But it’s tough to get an accurate read with old data continuing to be used to measure affordability, Tamboer said. During fourth-quarter 2023, only 21% of listed homes in the Phoenix area were affordable to those making a median household income of $99,000 per year, Tamboer said. The figures — which come from the American Community Survey of Housing and Urban Development — uses old 2021 U.S. Census data for ..read more

By Ron Davis | Phoenix Business Journal Artist rendering of Cosanti Commons, a new residential, mixed-use development planned in Scottsdale. A high-traffic Scottsdale intersection could be home to a new multifamily development. Denver-based DPC Cos, which has developed projects in the Valley such as Scottsdale Entrada and the Park at San Tan in Chandler, is proposing a new residential mixed-use development near Scottsdale Road and Shea Boulevard. The project, dubbed Cosanti Commons, was up for consideration at Scottsdale’s development review board March 21 for a minor general plan amendment an ..read more

By Jakob Thorington | Arizona Capitol Times (abridged) While Gov. Katie Hobbs vetoed a bipartisan housing measure this week, several other housing bills that she said she supports are moving through the Legislature. The House Government Committee unanimously passed a bill on March 20 that would require cities to allow accessory dwelling units, also known as casitas, to be built by property owners if they wish. Senate Bill 1415 is sponsored by Sen. Anna Hernandez, D-Phoenix, and has already been implemented locally by Phoenix and Tucson. The bill has bipartisan support and is also sponsore ..read more

By Angela Gonzales | Phoenix Business Journal The city of Phoenix is preparing to issue a request for proposals to redevelop Seventh Avenue and Washington Street in downtown Phoenix. The RFP would be issued either later this year or early next year, said Christine Mackay, community and economic development director for the city of Phoenix. The city owns properties on the southwest, northwest and northeast corners of Seventh Avenue and Washington, she said. The police headquarters at the southwest corner will be moved into the former Wells Fargo tower at 100 W. Washington St., which the ci ..read more

By Lee Cooley, Scottsdale REALTORS® Sometimes when things heat up in Scottsdale, it’s not from the temperature outside. Sometimes it’s when city leaders, staff and developers misalign. Like when Axon, the maker of tasers and bodycams, proposed developing a 74-acre parcel within walking distance of its current headquarters into a corporate campus. Pushback came from the Airport Advisory Commission and the Planning Commission, resulting in an indefinite continuance from City Council. But Axon CEO Rick Smith recently told investors he isn’t taking it laying down. “It’s not clear that Scotts ..read more

Since 2015, the Scottsdale REALTORS® has recognized outstanding members with its Forty Under 40 Awards. Eligible members must submit a completed Individual or Team application by 5 p.m. on Thursday, March 14. Winners will be charged a $50 application fee and honored at the W Scottsdale on Wednesday, April 10. INDIVIDUAL Applicants must be: A REALTOR® member An active member of Scottsdale REALTORS® Under 40 years of age as of April 10, 2024 Only one submission per individual. Only 40 individuals will be awarded. TEAM Applicants must consist of: Two or more REALTOR® members At least 50% of t ..read more